Medicare Enrollment Periods

If you're on the brink of becoming eligible for Medicare, it's crucial to understand the various Medicare enrollment periods, as they can have an impact on your expenses. Delaying enrollment beyond the initial period can lead to potential coverage gaps and penalties. Once you've determined the Medicare benefits you wish to enroll in, take the time to identify your plan's specific enrollment period. This step will help you make informed decisions and manage your Medicare coverage effectively.

When is the Medicare initial enrollment period?

When you initially enroll, you have a seven-month window around your 65th birthday to sign up for Medicare. The seven-month period includes three months leading up to your 65th birthday and three months following that month.

However, there is an exception to this timing. If your birthday falls on the first day of a month, your enrollment period starts one month earlier. For example, if your birthday is on October 1st, your enrollment period begins on June 1, and your Medicare coverage starts on September 1st.

During this initial enrollment period, you have the option to sign up for Original Medicare (Parts A and B), a Medicare Advantage plan, or Medicare Part D.

When is Medigap’s open enrollment period?

Medigap (Medicare Supplement) plans offer a six-month open enrollment period that begins the day your Medicare Part B coverage becomes effective. This open enrollment period is a one-time opportunity to choose and enroll in a Medigap plan to supplement your Medicare Parts A and B coverage.

I missed my Medicare enrollment period

Penalties may apply if you miss your initial enrollment period, provided you don't have other coverage, such as through your employment. Here are the associated penalties:

Part B Penalty: If you fail to sign up for Part B during your initial enrollment, you'll face a late enrollment penalty. This penalty amounts to an additional 10% of your Part B premium for each year you should have been enrolled. This 10% is added for each month as long as you have coverage.
Part D Penalty: If you don't have Part D coverage and miss your enrollment window, a late enrollment penalty will be imposed. This penalty is equivalent to an additional 1% of your Part D premium for each month you maintain coverage.
Part A Penalty: If you don't qualify for free Part A coverage due to insufficient work history and you neglect to enroll, you'll be responsible for an additional 10% of your Part A premium for each year you were uninsured.

What if I have employer coverage?

Many individuals who continue to work past the age of 65 often opt to retain their employer-provided insurance rather than enrolling in Medicare. There are no penalties for this choice, so it's a viable option. When you eventually retire, a special enrollment period becomes available, allowing you to enroll in Medicare. This eight-month enrollment window begins either the month you or your spouse stops working or the month when your group coverage concludes, depending on which event comes first.

What is a Medicare Special Enrollment Period?

You may qualify for Medicare during a Special Enrollment Period in various circumstances. As mentioned earlier, you have the option to delay Medicare enrollment without facing penalties if you continue working after turning 65 and prefer to retain your employer-provided health insurance over Medicare. Another example is when you relocate outside of a plan's coverage area. In this case, you have a two-month window to enroll in a different Medicare Advantage or Part D prescription drug plan, or even revert to Original Medicare without incurring any penalties.Special enrollment periods can also be triggered by a range of other exceptional situations. We encourage you to reach out to us to explore your specific options and eligibility for these special enrollment periods.